中文摘要：

本文将非传统货币政策指标直接引入因素增广的向量自回归（FAVAR）模型,研究了美欧两大中央银行所实施的非传统货币政策对利率、价格水平及以中国为代表的新兴市场经济国家的影响,并首次通过中央银行资产负债表数据构建美联储和欧洲央行的非传统货币政策指标,在统一的实证框架下探讨了同一时期美国和欧元区非传统货币政策＂利率约束之谜＂和＂价格之谜＂的存在性和相似性。

英文摘要：

In this paper we directly introduced unconventional monetary policy indicators into factor-augmented vector auto-regression（FVAR）models to study the influences of unconventional monetary policies used by the Fed and ECB on interest rates,price level and spillover effects on emerging countries like China.We also built unconventional monetary policy indicators of the Fed and ECB using data from central bank balance sheet for the first time,and discussed the existence and similarity of＂Interest Rate Constraint Paradox＂and＂Price Paradox＂of Fed and ECB＇s unconventional monetary policies under a unified empirical framework.